In 2019, the value of the global SIP trunk market was $13.4 billion. Furthermore, the global market is estimated to grow by $30.22 billion by 2027. So it is expected to progress at the compound annual growth rate of 10.8% between 2020 and 2027.
The efforts of government agencies and private companies to develop the wireless communications infrastructure are increasing the demand for SIP trunk. Such consistent growth is highly dependent on the cost-efficiency of SIP trunking services.
The market is constantly supporting video and voice communications using the Internet. Therefore, organizations are mainly utilizing such solutions to attain a high business performance. The global telecommunication market is immensely growing, so the market will also observe the launch of more mobile virtual network operators. In addition, these operators will provide more voice and data subscriptions.
Impact of Market Opportunities
Telecommunication organizations are ascertaining the potential of SIP trunking swiftly hence, are involved in creating strategic and profitable partnerships. Furthermore, the operational businesses in the market implement several marketing strategies, for instance, acquisitions, collaborations, and new product developments that improve their present offerings. In addition, it will also help in expanding their collection to target a substantial number of customers.
Many unified communication solutions providers expanded their presence in different regions. For instance, Telin expanded its presence in the USA by creating a new facility in Florida. Similarly, various companies expand their presence to increase their market share and customer base by introducing new offices for improved service support. Hence, all of these elements are leading toward a rapid growth of SIP trunk worldwide.
Increase in Demand
The growing demand from emerging countries to offer several business opportunities for market players is constant. The faster rate of the telecommunication industry’s growth in Europe, the UK, America, and Asia Pacific territory further increased with the arrival of 5G network. In addition, UK, USA, Germany, China, and others are the main contributors to the growth. The main reason behind such progress is the consistent adoption of digital technologies by these countries.
Increase in Smartphones Adoption
By 2023, Asia Pacific territory expects to reach 3.1 billion internet users. In 2016, there were approximately 4 billion mobile connections in the same area. But mobile connections are projected to reach 4.6 billion by the end of 2021. These statistics about the adoption of smartphones and internet penetration act as the main secondary aspects for the market growth.
Bring Your Own Carrier (BYOC)
BYOC SIP trunking is a progressively standard way for companies to decrease costs and manage their numbers effectively. In addition, it helps organizations attain significant control of the outbound and inbound call traffic. Furthermore, you also obtain the ability to choose particular or multiple SIP providers. As a result, it helps in increasing resilience and redundancy while saving money. Scalability is also the most significant win because BYOC is the best way to scale up and down on a national and international level. Rather than being dependent on a single provider, you get the freedom to work with as many as you require. Hence, it helps to keep the number you presently have and adds more if needed.
Likewise, Xinix has integrations with various software platforms. It generally enables you to connect end-users with other SIP trunk providers or several carriers within 24 hours. Overall, 2021 mainly depicts the changes and opportunities resulting from operating a business through flexible technology in 2020. Likewise, such patterns will further impact companies to employ modern communication tools that will render them total autonomy over their traffic.